Multi-Tenant Office Building with
For Sale
$850,000
4201 Glass Rd NE, Cedar Rapids, IA 52402
Multi-tenant office building with recent suite updates, roof replacement, and 44-space parking for flexible occupancy.
Property Size7,360 SF
Lot Size1.50 Acres
Price / SF$115.49
Days on Market188
Property Features for 4201 Glass Rd NE
General Information
Standard status
Active
Size
7,360 SF
Total Parking Spaces
44
Lot size
1.50 Acres
Property subtype
Commercial
Zoning
T-ML
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$24,984
Amenities
Carpet
1.64
CountyRoad,Paved
Building Details
Year Built
1992
Tenancy
Multi
Listing Agency:
Keller Williams Legacy Group
(641) 990-7932
Listed By:
Katie Sisson
(641) 990-7932
Source:
Pinnaclerealtyia
Added: Feb 9
Changed: Aug 16
Last Checked: Aug 16 at 3:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Legacy Group
Investment Insights
Based on property information with market context.
The property is a versatile multi-tenant office building totaling 7,360 square feet, set on over 1.5 acres with ample parking for 44 vehicles. It is currently configured for two tenants, offering flexibility to maintain a multi-tenant setup or convert to a single-tenant layout. Recent improvements include updates to Suite A, and a roof replacement completed in summer 2026.
The building is located at 4201 Glass Rd NE in Cedar Rapids, Iowa. It operates under an NNN structure, and one suite is leased to Cedar Rapids Pain Associates under terms that run through January 31, 2029. The tenant occupies 4,106 square feet, paying $12.10 per square foot, which is stated as $4,140 per month plus OpEx.
For owner-users and investors, the asset provides a live/work or income-supporting configuration with an in-place tenant under long-term NNN lease coverage. The combination of ongoing multi-tenant capability, existing updates to Suite A, and a recent roof replacement supports practical use for office tenants seeking turn-key space, while also allowing an owner to re-lease or reconfigure remaining space as needs evolve.
The building is located at 4201 Glass Rd NE in Cedar Rapids, Iowa. It operates under an NNN structure, and one suite is leased to Cedar Rapids Pain Associates under terms that run through January 31, 2029. The tenant occupies 4,106 square feet, paying $12.10 per square foot, which is stated as $4,140 per month plus OpEx.
For owner-users and investors, the asset provides a live/work or income-supporting configuration with an in-place tenant under long-term NNN lease coverage. The combination of ongoing multi-tenant capability, existing updates to Suite A, and a recent roof replacement supports practical use for office tenants seeking turn-key space, while also allowing an owner to re-lease or reconfigure remaining space as needs evolve.
Key Highlights
- 7,360 SF multi‑tenant office building on 1.64 acres with 44 on‑site parking spaces
- Two‑tenant configuration with flexible layout for continued multi‑tenant use or conversion to single‑tenant
- Cedar Rapids Pain Associates leases 4,106 SF under an NNN lease at $12.10/SF ($4,140/mo. + OpEx) through January 31, 2029
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,346
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$706,920
$706.9K
Cap Rate 7%
$504,943
$504.9K
Cap Rate 9%
$392,733
$392.7K
Market Conditions
NOI Build-Up for 7,360 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$61.8K $8.40/SF
− Vacancy
−$14.7K −$2.00/SF
EGI
$47.1K $6.40/SF
− OpEx
−$11.8K −$1.60/SF
NOI
$35.3K $4.80/SF
Area
Cedar Rapids, IA
Vacancy
23.77%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$706,920
Cap Rate 7%
$504,943
Cap Rate 9%
$392,733
Alternative Uses
Best Use
Office B
$504.9K
$441.8K – $589.1K
NOI $35,346 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.07M
$932.1K – $1.24M
NOI $74,566 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 52402, IA
42,072
Population
19,848
Households
2.1
Avg Household Size
36
Median Age
41%
College-Educated
95%
High-School Grad
13.7 sq mi
ZIP Area
3,071
Density / Sq Mi
$71,319
Median Household Income
$41,753
Median Earnings
$992
Median Rent
$188,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant office building with recent suite updates, roof replacement, and 44-space parking for flexible occupancy.
Where is this office building located?
The property is located at 4201 Glass Rd NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 7,360 SF multi‑tenant office building on 1.64 acres with 44 on‑site parking spaces; Two‑tenant configuration with flexible layout for continued multi‑tenant use or conversion to single‑tenant; Cedar Rapids Pain Associates leases 4,106 SF under an NNN lease at $12.10/SF ($4,140/mo. + OpEx) through January 31, 2029
